COP29 draft deal proposes wealthy nations give $250 billion in climate finance

At COP29 in Baku, Azerbaijan, a new draft finance deal has proposed that wealthy nations commit $250 billion annually to help vulnerable nations address climate change and transition to renewable energy. The draft outcome text calls for overall climate financing to reach at least $1.3 trillion by 2035, while multilateral development banks have announced they will provide $120 billion annually by 2030 with an additional $65 billion from the private sector.